ATHENS, Greece (AP) -- Greek Finance Minister Yannis Stournaras says a program whereby the country will buy back some of its bonds from private investors "must work" if the country's excessive debt load is to be reduced.
The bond buyback is part of measures agreed on with European finance ministers earlier this week, including the release of EUR44 billion ($57 billion) in critical rescue loans.
Stournaras did not give details of the buyback scheme, for which he said funding to the tune of EUR13 billion-EUR14 billion has been assured. This would be on top of the loan payment. Greece's debt management agency is to give details next week.
While stressing that the program must work, the minister also said there "is a Plan B," for which he would not give details.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Woody Harrelson is hustling a new type of paper.
This U.S. city is buying $30M worth of iPads for its students.
Don't look for the movie about Jodi Arias to be about her trial. (Video)
Meet the newest liligers - mom's a liger and dad's a lion. (Photos)